“There is certainly nothing from the outside to show that this merger cannot take place, but there is no way to definitively predict what the Fed is going to do,” said David Hilder, an analyst at Drexel Hamilton.

Hilder has a buy rating on BB&T stock and a target price of $44 a share.

BB&T addressed challenges to the merger on an analyst call on Wednesday, saying management has had discussions with “appropriate parties.”

The industry has learned from that example, and banks are now doing the work needed to get buyouts approved, said Terry McEvoy, an analyst at Sterne Agee.

BB&T was clear on the call that it has invested in systems and processes so that a similar problem would not arise, said McEvoy.

“BB&T has invested heavily in their systems,” said McEvoy. “If you look at how they performed during the financial crisis, they performed strong and they run a very tight ship.”

McEvoy has a buy rating on the BB&T stock and a target price of $43 a share. Shares are currently trading at $37.35, down more than 2% in Wednesday trading. Susquehanna shares were up 3% in trading at $13.13.

“This will be a test case if regulators are willing to approve acquisitions on a shorter time frame,” said Hilder.

The bank provided a target close date of the third-quarter of 2015.

The cash and stock transaction would merge Susquehanna’s $18.6 billion in assets, $13.6 billion in deposits and 245 banking offices with BB&T’s $187 billion in assets and 1,842 financial centers in 12 states and Washington, D.C.

The acquisition would be the second-largest bank deal in approximately two years, behind CIT
CIT, +2.08%
and One West, according to analysts at Evercore in a research note.

“Last week at a presentation, the (BB&T) CFO said the bank will continue to look at acquisitions, as large as $20 billion,” said McEvoy. “This is in line with the bank’s strategy.”

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